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How to create NFT marketplace in Solana

  • By Agira Technologies
  • July 13, 2022
  • 301 Views

Solana is a decentralized marketplace offering the best way to build an NFT efficiently. Solana is an excellent option to consider if you are thinking of launching your NFT marketplace. Besides being trendy and reducing trading and minting fees, it is also user-friendly and more revenue-generating for its users. Hence, users create their unique Solana NFT marketplace with the latest features.

Why build an NFT marketplace on Solana?

Solana blockchains transaction time is much higher than Bitcoin or Ethereum. It processes up to 65,000 transactions per second (TPS). Its main objective is to enable dApp developers to launch crypto apps, avoiding scalability issues. Solana’s emphasis on scalability provides innovators with the infrastructure and bandwidth required to help their services gain global traction.

How does it work?

Once you decide to create your own NFT marketplace, you have three options.

Build Solana NFT marketplace from scratch

To build a Solana NFT marketplace from scratch means you can customize features and functionalities. This is time-consuming and costs more, but it is worth it if you want to create something unique.

White Label Solana NFT marketplace

It is a pre-built customizable NFT marketplace that enables you to launch a hassle-free NFT marketplace. White Label Solana NFT Marketplace is a multi-tested smart contract-based platform that operates on all blockchain networks. Users can customize their NFT marketplace based on their requirements in White Label Mode.

Solanart Clone script

Solanart clone script is a ready-made platform replicating Solanart with added features and specialties. It is an entirely customizable software that allows you to add or remove programs per your business requirements.

Usually, all NFT platforms share a similar workflow. First, you must sign up and install a digital wallet to store NFTs. You can then upload your work and exhibit them for sale. You can also choose the type of payment you would like to accept, choose a fixed price, or auction the item.

How to create an NFT marketplace on Solana

Requirements and analysis: Before launching your project, decide on your marketplace’s needs and correctly analyze your project’s scope. Take time to get your first step right, as it will impact your project’s future outcome and avoid rework.

Documentation: Summarize the new features you want to include in your marketplace. Solana’s flexibility enables users to create diverse applications. 

Work with developers: Get connected to developers at a leading NFT marketplace development company that will help you create a scalable NFT marketplace. 

UI/UX designers: Develop eye-catching UX/UI designs as it is what your users see and use.

Integrate compatible wallets: Enable your users to store their NFTs securely. Connecting highly compatible wallets aid better security. Phantom Wallet is a popular choice for Solana NFTs. 

Smart contract: Develop Smart contracts with perfect test cases. 

Testing: Test your platform for bugs and glitches and have them fixed. 

Prepare beta version: Check if platform operation complies with your requirements.

Maintenance and service support: Ensure you get maintenance and further development support from a custom software development company. 

Benefits

Rapid Transactions Processing– Solana’s hybrid consensus algorithm combines Proof-of-history (PoH) and Proof-of-Stake (PoS). This enables fast transactions.

Cost per transaction- Solana is the ideal platform for creating NFTs and NFT marketplaces, thanks to its low transaction cost of $0.00025 and high throughput.

No mempool issue– Mempool/memory pool is where processed transactions wait before being accepted. Solana has no mempool problem and makes instant transactions possible. 

Expanding environment– Solana’s growing ecosystem allows for handling multiple dApps, smart contracts, and coins without network congestion.

Closing thoughts

NFT’s rapid growth has rendered NFT marketplace development a promising investment opportunity. However, having an attractive and user-friendly marketplace makes much difference. Solana is a highly sought-after blockchain platform for NFT marketplace development because its smart architecture allows for quality and affordability. To set up your NFT marketplace in Solana, reach out to our Agiratech strategist.

 

Agira Technologies

AgiraTech is a technology company whose business services and domain solutions supports global clients who comprise the current world economy. Services we offer : Web development, Mobile App development, Blockchain, IoT and DevOps Consulting